Question
1. A couple invests $10,720.00 today in a money market fund that pays 7.00% per year. What is the value of this account in exactly
1. A couple invests $10,720.00 today in a money market fund that pays 7.00% per year. What is the value of this account in exactly one year?
Answer Format: Currency: Round to 0 decimal places. Only have 1 chance to answer correctly.
2. A couple needs $11,349.00 in one year. They only have $7,652.00 today to invest in a mutual fund. What return must the fund generate this year in order to reach their goal?
Answer Format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))
3. A devoted Indiana basketball fan needs $11,700.00 to attend the Final Four exactly one year from today. If the fan can earn 6.00% annually on his investments, how much should he set aside today? Answer Format: Currency: Round to: 2 decimal places.
4. An engaged couple agrees to get married once their savings equal $58,800.00. They have $21,800.00 at the moment and will invest the money in an account that earns 10.00% per year. How many years will the engagement last? Answer Format: Number: Round to 2 decimal places.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started